Hong Kong brokerage firm Futu suspends crypto futures due to regulatory issues

According to reports, due to regulatory concerns, a large online brokerage company headquartered in Hong Kong has suspended cryptocurrency futures trading.

Futu Securities, one of them Asia’s largest trading broker, Has stopped supporting encrypted futures contracts and trading services in response to regulatory requirements, Chinese financial publication Sina Finance report Thursday.

According to reports, the platform’s customer service stated that the suspension will affect major contracts including CME Bitcoin futures, one of the largest Bitcoin futures in the world. The earliest Bitcoin (BTC) futures contract.

The customer service team pointed out that non-future crypto products like Grayscale Bitcoin Trust and Osprey Bitcoin Trust will still be available on Futu.

Futu did not immediately respond to Cointelegraph’s request for comment.

related: According to reports, Huobi “temporarily” suspends futures trading in some countries

Futu Securities was established in 2012 and is an investment company listed on NASDAQ stand by Powered by Chinese internet giant Tencent. The broker’s operator Mirae Holdings provides wealth management services in China, Hong Kong and the United States.Founder and CEO of the company Leaf Hua Li Is a former Tencent employee.

In early June, Futu executives Announce With Beijing’s renewed crackdown on Bitcoin, the company plans to expand its cryptocurrency services outside of China (Bitcoin) And other cryptocurrencies.

Huobi is one of the world’s largest cryptocurrency exchanges. Due to concerns about China’s regulatory crackdown, yesterday it restricted the provision of crypto derivatives services for new and old users.According to reports, last month Hong Kong regulators Move to prohibit retail transactions After long speculation about a possible ban, in Hong Kong.